Tata Motors, one of India’s leading automotive manufacturers, ended FY24 on a high, with its two products, Punch and Nexon, emerging as the best-selling SUVs in the country. Tata Nexon grabbed the pole position, dominating this segment three years in a row, despite aggressive competition in the segment, with Punch being a close second. Tata Nexon also recently achieved the magnanimous 7 lakhs sales milestone in its 7th year making it the most loved SUV of India.
The compact SUV segment has shown remarkable growth over the years, making it the most competitive and contested segments and Tata Motors is committed to be one of the leaders in this space. It is evident from the company’s consistent investment in various innovations for the Nexon and Punch.
Since its launch in 2017, the Nexon has attracted customers who seek uniqueness and something out of the box while also delivering top-tier performance and comfort. Nexon’s futuristic design, superior safety features and consistent evolution have made it a popular choice among Indian consumers, earning it a reputation for reliability. Nexon was India’s 1st GNCAP 5 star rated vehicle in 2018, which set the benchmark for all Indian automobiles to follow. The legacy has continued ever since. In Feb 2024, the new gen Nexon received its GNCAP 5 star rating as per the enhanced 2022 protocol, which was soon followed with the Nexon.ev achieving the prestigious 5-star rating from Bharat-NCAP, this month.
Winner of 41 coveted awards and 7 lakh Nexons on the Indian roads, its stellar performance is evident in its accelerated sales growth, with over 3 lakhs units sold in just the last two years (2022 and 2023). Available in multiple powertrains – petrol, diesel and electric, brand Nexon has grown in strength with time and built a loyal fan base for its class leading design, segment best features and a tech forward experience.
The Tata Punch on the other hand has democratized the SUV attributes. Its uncompromising design, comfort, and proven capability appeal to both existing and first-time buyers. Offering a SUV stance, spacious interiors, and the highest safety rating in its segment (GNCAP 5 star rated), the Punch is undoubtedly a comprehensive package. Furthermore, the Punch.ev recently received a 5-star BNCAP rating, making it India’s safest vehicle. On the whole, the Punch has led the charge in the sub-compact SUV segment with a commendable 170,076 units sold in FY24 coagulating its position in the market. As of March 2024, the Punch become the #1 selling car in the industry.
The compact SUV market in India has witnessed a substantial development in the past few years manifested by the steady growth in the market share. Within this segment, industry has witnessed a rise from 4% to 7% in the market share and in the bigger SUV market, the market share has grown from 8% to 14%. This surge highlights the increasing demand and appeal of the compact SUVs across the automotive landscape reassuring their position as a leading force in the industry.
